Most self-employed and freelancers fail to save for retirement, finds Aviva

Research from Aviva found most self-employed workers, freelancers and digital nomads in the UK are not saving for retirement. 

Only 34% of digital nomads are putting money into a pension or retirement plan. 

For self-employed workers it was 38%, while for freelancers it was 40%. 

Nearly a third of digital nomads said they intend to start saving soon, but 30% admitted they are doing nothing for their retirement now. 

Among self-employed workers, 23% plan to start saving soon, while 32% are not taking any steps. 

For freelancers, 18% intend to start soon, but 34% are not taking action.

Only 25% of digital nomads, 24% of self-employed and 22% of freelancers know about self-invested personal pensions and stakeholder pensions.

Flexible working remains popular, with 81% of digital nomads planning to continue long-term and nearly half intending to do so indefinitely. 

For self-employed workers, 55% feel confident about their future finances. 

The figure is 50% for freelancers.

Alistair McQueen, head of savings and retirement at Aviva, said: “This research highlights a clear gap in retirement planning for people who are self-employed and freelance. 

“Without auto enrolment or employer contributions to fall back on, many risk reaching later life without the savings they’ll need.

“The good news is that small, regular steps – like opening a personal pension and setting an affordable monthly contribution – can make a big difference.”

McQueen added: “As we head into the new year, now is a great time to review your finances and plan how you’ll save for the future. 

“Flexible ways of working call for flexible ways of saving and taking action today can help build the financial security you’ll need tomorrow.”